Posted on October 13, 2014

Mubasher Trade Research 

Qatar’s aggregate earnings (based on 12 companies) are expected to grow +13% YoY (+3% QoQ) to QAR7.1bn in CQ3 2014, led by Financials (+15% YoY, 60% of growth) and Telecom Services & IT (+168% YoY, 53% of growth). On the other hand, Materials is expected to be the only sector showing lower earnings (-6% YoY, -13% of growth) on 7% lower estimated earnings of Industries Qatar (IQCD.QE).

Excluding Financials, aggregate earnings are expected to grow +11% YoY (+9% QoQ) on +4% YoY higher revenues (flat QoQ) with aggregate net margins expected to widen by some 150bps YoY and 220bps QoQ. This is mainly driven by Ooredoo’s (ORDS.QE) Q3 2014 consensus of +115% YoY which should drive YoY earnings growth in Telecom Services & IT. Meanwhile, Commercial Bank of Qatar (CBQK.QE) should lead growth in Financials.

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